Digital Turbine, Inc. (NASDAQ:APPS) Sees Significant Drop in Short Interest

Digital Turbine, Inc. (NASDAQ:APPS) saw a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 4,980,000 shares, a drop of 17.0% from the December 15th total of 6,000,000 shares. Currently, 5.5% of the shares of the company are sold short. Based on an average trading volume of 3,820,000 shares, the days-to-cover ratio is currently 1.3 days.

Insider Activity at Digital Turbine

In related news, Director Robert M. Deutschman acquired 100,000 shares of the stock in a transaction on Monday, November 11th. The shares were acquired at an average price of $1.41 per share, with a total value of $141,000.00. Following the completion of the transaction, the director now owns 571,216 shares in the company, valued at approximately $805,414.56. The trade was a 21.22 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders acquired 127,000 shares of company stock valued at $175,610. 5.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Digital Turbine

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in Digital Turbine by 8.4% during the 3rd quarter. Geode Capital Management LLC now owns 2,334,648 shares of the software maker’s stock valued at $7,169,000 after buying an additional 181,032 shares during the period. Rice Hall James & Associates LLC grew its stake in shares of Digital Turbine by 4.1% in the third quarter. Rice Hall James & Associates LLC now owns 1,970,928 shares of the software maker’s stock worth $6,051,000 after purchasing an additional 77,185 shares during the last quarter. AQR Capital Management LLC increased its holdings in Digital Turbine by 97.1% during the 2nd quarter. AQR Capital Management LLC now owns 1,533,969 shares of the software maker’s stock valued at $2,546,000 after purchasing an additional 755,707 shares during the period. JPMorgan Chase & Co. raised its position in Digital Turbine by 719.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 387,834 shares of the software maker’s stock valued at $1,191,000 after purchasing an additional 340,512 shares during the last quarter. Finally, Brooktree Capital Management lifted its holdings in Digital Turbine by 7.4% in the 3rd quarter. Brooktree Capital Management now owns 365,621 shares of the software maker’s stock worth $1,122,000 after buying an additional 25,061 shares during the period. Hedge funds and other institutional investors own 63.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on APPS shares. Craig Hallum cut their price target on Digital Turbine from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Bank of America cut shares of Digital Turbine from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $3.50 to $1.00 in a research note on Friday, November 15th. Finally, Macquarie reduced their price objective on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $2.38.

Digital Turbine Price Performance

NASDAQ:APPS traded down $0.10 during trading hours on Thursday, hitting $1.84. The stock had a trading volume of 939,703 shares, compared to its average volume of 2,752,260. The firm has a market capitalization of $190.34 million, a price-to-earnings ratio of -0.62 and a beta of 2.34. Digital Turbine has a one year low of $1.18 and a one year high of $6.03. The company has a 50 day simple moving average of $1.60 and a two-hundred day simple moving average of $2.40. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.09 and a quick ratio of 1.09.

Digital Turbine (NASDAQ:APPS) last posted its earnings results on Wednesday, November 6th. The software maker reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). Digital Turbine had a positive return on equity of 3.32% and a negative net margin of 61.17%. The business had revenue of $118.70 million for the quarter, compared to analysts’ expectations of $125.85 million. During the same quarter in the previous year, the firm earned $0.04 earnings per share. Digital Turbine’s quarterly revenue was down 17.1% compared to the same quarter last year. Research analysts forecast that Digital Turbine will post -0.13 earnings per share for the current fiscal year.

Digital Turbine Company Profile

Digital Turbine, Inc, through its subsidiaries, operates a mobile growth platform for advertisers, publishers, carriers, and device original equipment manufacturers (OEMs). The company operates through two segments, On Device Solutions and App Growth Platform. Its application media platform delivers mobile applications to various publishers, carriers, OEMs, and devices; and content media platform offers news, weather, sports, and other content, as well as programmatic advertising and media content delivery services, and sponsored and editorial content media.